Sunday, February 5, 2006

Former General Re and AIG Officers Indicted

In a move that is being viewed as an attempt to pressure the executives to turn on other corporate officers, a federal grand jury indicted former General Re Corp. CEO Ronald Ferguson, former Gen Re Chief Financial Officer Elizabeth Monrad and the reinsurer's former assistant general counsel, Robert Graham, charging they conspired to commit fraud. Also indicted was Christian Milton, formerly AIG's vp-reinsurance.

The SEC also has filed a civil suit against the four individuals, as well as retired Gen Re Senior Vp Christopher Garand, charging them with aiding and abetting securities fraud.

According to press reports, the indictment notes that "additional co-conspirators, not named as defendants herein, included senior-level executives at AIG and Gen Re."
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